Israeli IT security company Check Point Software Technologies Ltd. (Nasdaq: CHKP) is now officially Israel's most valuable company. Check Point's share price rose 2.01% on Wall Street last night to $108.25 to give a market cap of $17.693 billion while Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) share price fell 0.81% to $17.16%, giving a market cap of $17.421 billion.
The loss of Teva's status as Israel's most valuable company, held by the pharmaceutical company for nearly two decades, is another blow to the besieged company. Remarkably, Teva was worth $70 billion two years ago and less than two weeks ago before publishing its disappointing second quarter results, it was worth $32 billion.
Teva is paying the price for ill-advised acquisitions ahead of a downturn in generic prices in the US market. the acquisitions have weighed the company down with a $35 billion debt.
Teva will be looking to bounce back. Its share price is currently up 1.42% on the TASE and up 1.31% in premarket trading on the NYSE.
Published by Globes [online], Israel business news - www.globes-online.com - on August 15, 2017
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